The largest exporter of wool in New Zealand is much better placed this year with high profit forecasts, than it was at the same time last year. It will better the last years after tax profit of $2.2 million by a big margin, claims the company.

The company at their AGM in its headquarter in Christchurch, announced that it sees better potential this year for wool business.

The company believes that there has been a low supply of wool which has helped increase wool price to almost double which would further affect the bottom lines.

The immense hard work at the marketing front and maintaining low inventories will also inflate the bottom line. The demand for wool on the other hand hasn't seen a decline, but the carpet and textile industry have already shown signs of huge demand.

The low demand in Europe was no longer a threat to the company since it took major steps last year itself to curb this problem. The demand has also improved in Australasia and Europe, which will further assist the company in doing better business.

The company management is upbeat about the fact that the loss of $4.38m previous will finally be the thing of past.